Meta Platforms Inc (NASDAQ:FB) said it is winding down its support for non-fungible tokens (NFTs) on Facebook and Instagram just a year after the company pushed to adopt “digital collectibles” across its platforms.
The move means that Meta will end tests of minting and selling NFTs on Instagram and the ability to share NFTs on Instagram and Facebook in the coming weeks, a Meta spokesperson told The Verge.
Meta’s head of commerce and financial technologies Stephane Kasriel said in a Twitter thread that creating opportunities for creators and businesses to connect with their fans remained a priority, with Meta’s focus being on areas it can make an impact at scale “such as messaging and monetization opps for Reels.”
Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. ????[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
He added that the company would continue investing in FinTech tools. “We’re streamlining payments with Meta Pay, making checkout and payouts easier, and investing in messaging payments across Meta,” Kasriel said.
The update comes as Meta also announced on Tuesday that it would be cutting an additional 10,000 jobs, after axing 11,000 in November, as part of what CEO Mark Zuckerberg has described as Meta’s “year of efficiency.”
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